OPEC oil price breaks 100 USD a barrel

20:54, February 22, 2011      

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The daily oil price of the Organization of Petroleum Exporting Countries (OPEC) breached 100 U.S. dollars a barrel, the Vienna-based cartel said Tuesday.

OPEC's benchmark basket of 12 crude oils stood at 100.59 U.S. dollars a barrel on Monday, compared with 99.08 dollars the previous Friday, according to OPEC Secretariat calculations.

In recent weeks, OPEC daily price has been driven above 90 U.S. dollars per barrel and continued jumping as investors remained anxious on unrest sweeping the Middle East and worried about oil outflow from the oil-rich region.

Escalating unrest in Libya, an OPEC member, may cause more price spikes and prompt the organization to use its spare capacity in case of a supply disruption, market analysts said.

Source: Xinhua
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